Crypto News: Biden Vetoes Bill, BTC, Solana ETF, JASMY & MORE!

Welcome to the coin buau Weekly News Round my name is Jessica and my name is Guy here are the top stories in crypto This [Music] Week Biden veto Bill President Biden Strikes down on a pro crypto resolution Recently passed by us politicians Suggesting the current administration's Tone on crypto hasn't changed everything You need to know Unis swap postponed Proposal the Unis swap Foundation puts On Ice a governance proposal that would Have benefited uni holders after a Stakeholder speaks out why this happened And why it's significant Mount ga's BTC Moves defun crypto exchange Mount go Transfers over 140,000 BTC worth over $9 Billion to a new wallet As It prepares To repay creditors what does it mean for BTC no salana ETFs Mega Bank JP Morgan Pours cold water on the possibility that Soul could get an ETF of its own Following the approval of spot ethereum ETFs when could Soul's turn come BTC on Balance sheet stocks in Salma scientific Spike after the Healthcare Company Reveals that it's begun buying BTC to Hold as reserves how much could this Impact crypto and stocks inflation stays Still the pce for April suggests that Inflation is stickier than expected Foreshadowing continued High interest Rates and possibly even a rate hike who

You need to watch to find out and a Closer look at last week's top Performing cryptos and where they could Be headed next all this and More in just A Moment late last week President Joe Biden vetoed a pro crypto resolution That had been passed by us politicians Along bipartisan lines meaning members Of both sides voted for it for context This resolution would have struck down An SEC rule that basically makes it Impossible for banks to custody crypto For their clients notably this Resolution is not the same as the pro Crypto Bill titled fit 21 whereas the Resolution involved removing a specific SEC rule fit 21 contains a whole Framework for crypto regulation fit 21 Is still working its way through the Political process and will hopefully be Approved in the coming months even so The fact that Biden struck down the pro Crypto resolution suggests that the Administration's stance on crypto hasn't Changed for reference it's believed that Many of the anti-crypto actions we've Seen from the likes of the SEC have Their roots in the anti-crypto policies Of the current Administration that's why The sec's approval of the spot ethereum ETFs LED people to believe that the Biden administration had changed its Tune on crypto Biden's move to veto the

Pro crypto resolution has called this Into question and it's worth pointing Out that it's not the only contrarian Indicator Senator Elizabeth Warren has Also been ramping up her anti-crypto Rhetoric after it was assumed she had Been called to heal similarly the Treasury Department put out a report Alleging that nfts are being used for Illicit Finance You know they're getting desperate when They're going after nfts now this all Suggests that the current Administration's attitudes towards Crypto are still up in the air more Importantly this means that crypto's Importance as an election issue remains Unclear for those unaware it's assumed That Biden flipped on crypto because of The upcoming election obviously if it Turns out that crypto is not as big of a Political issue as it seems to be then The current Administration may continue Down its current path consider that Flipping Pro crypto would result in a Self-fulfilling prophecy by juicing the Markets and making crypto an Ever larger Force in the election now the good news Is that you can maximize your gains Regardless of what's going on in the White House using the coin Bureau deals Page it's got trading fee discounts of Up to 60% and sign up bonuses of up to $60,000 on the best crypto exchanges

Link below anyway politics aside the Fact of the matter is that the Winds of Regulation can continue to blow in an Anti- crypto Direction at least in the US one of the many crypto projects That's come under scrutiny recently is Unis swap specifically Unis swap Labs Which recently sent its Wells submission To the SEC FYI Wells submission is Essentially a letter arguing why the SEC Shouldn't Sue it's a response to the Wells notice which signals the Regulator's intention to sue 80% of the Time that a Wells notice is issued the Will sue regardless of the Well's Submission response so the odds aren't In Unis swaps favor in other words There's a high likelihood that the SEC Will sue Unis swap but of course there Is no guarantee statistically speaking There's a 20% chance it won't happen There are also the specifics of the Sec's potential case against Unis swap Which are unknown but likely involve the Uni token this is where Unis swaps Recent governance proposal comes into Play To bring you up to speed the Unis swap Foundation was going to table a proposal That would have effectively made it Possible for uni token holders to earn a Portion of protocol fees the effect of That proposal passing would have been a Pump in the price of uni however the

Unis swap Foundation has now delayed This proposal indefinitely but that Should come as no surprise considering The secc's targeting of Unis swap Labs If the proposal was to be tabled it Would almost certainly be pass past this Would turn the uni token into something That looks more like a security in plain English uni would start to look more Like a stock in a company because Holders of the uni token including Unis Swap Labs would practically be getting Dividends in the form of Dex fees it's Safe to assume that this would probably Guarantee that the SEC would follow Through with suing Unis swap Labs given This fact it's possible that the Stakeholder which requested that the Unis swap found delay tbling The Proposal was in fact Unis swap Labs Itself many people believe though that It was a VC that requested the pause This would likewise not be surprising Given that VCS have an outsized Influence in Dow governance believe it Or not but it would actually be better If it was a VC because if Unis swap Labs Influenced the decisions of the Unis Swap Foundation that could also give Firepower to the SEC that's simply Because it would prove that Unis swap Labs can exercise control over the Unis Swap Protocol complex stuff speaking of

Complexity the recent movement of over 140,000 BTC belonging to the Mount goau Crypto exchange seems to have spooked The markets because BTC dipped the Moment investors became aware of it as Most of you will no doubt know Mount gox Was a crypto exchange that collapsed way Back in February 2024 over the last Decade creditors that is people people Who are owed money and crypto have been Trying to get their money and crypto Back from the defunct exchange funnily Enough the ridiculous duration of the Bankruptcy process has forced these Creditors to hoddle meaning they are up Quite a bit on their crypto to put Things into perspective btc's price was Around $500 when Mount go collapsed this Means that creditors are up around 140x On their BTC bags logically this has led To the expectation that many of these Creditors will sell their BTC as soon as They can hence the concerns about the BTC movements thankfully former Mount Gaw CEO Mark carelis noted on X that the 140k plus BTC were moved to a single Wallet in preparation for creditor Repayments which will likely start Sometime later this year naturally some Had assumed that the movement meant that The whole BTC stack was about to be sold Now here's where things get interesting According to a report by protos last Year a small number of claimants are

Owed most of the BTC although the Identity of all of these claimants is Not known some of the largest ones are Recognizable including Kraken and its Former CEO Jesse Pal who likely won't Sell moreover there have been numerous Reports of investment firms offering to Buy the BTC claims off of creditors for Up to 90% of the claim value a steep Discount the most recent of these seems To have been an offer by Fortress Investment Group in 2021 it's unclear Though if anyone took them up on the Offer what is clear however is that any Large BTC creditors who are looking to Sell will likely do so over the counter Or OTC as some of you will know this Would involve selling that BTC directly To another individual or institution Without the use of an exchange thus Minimizing price impact on the open Market on that note depending on when The BTC belonging to mount gaau Creditors is distributed it could have a Negligible effect on btc's price if the Markets are bullish it's likely that a Few days of buying from the spot Bitcoin ETFs will be enough to offset any Selling pressure from creditors and then Some the profound effects that the spot Bitcoin ETFs have had on BTC so far have Been a sight to behold it's quite Possible that BTC would be nowhere close To where it is today were it not for

Those ETF approvals this is why the Passing of the spot ethereum ETFs was Such a big deal the same could happen For eth the caveat though is that Institutional investors do not seem to Be as interested in eth at least According to JP Morgan the mega Bank Believes that the spot ethereum ETFs Once listed will see only around $3 Billion of inflows by the end of the Year the spot Bitcoin ETFs could hold 30 Billion in BTC by then this makes sense Given that the spot ethereum ETFs do not Allow staking and this makes them Functionally identical to the spot Bitcoin ETFs while it's true that Ethereum has fundamentally different Properties to bitcoin the average Institutional Investor doesn't really Care BTC alone is sufficient crypto Exposure the catch though is that we've Seen evidence that institutional Investors are invested in altcoins Particularly sana's salt some of you may Recall that grayscale salana trust was Trading at a staggering 9x premium last Year this screams high demand for soul Even Ark invest CEO Kathy Wood was Shilling it now while that hype has died Down somewhat it has nonetheless led to Speculation that salana could be the Next cryptocurrency to get a spot ETF After ethereum as JP Morgan pointed out In a recent report however this is

Unlikely for many reasons including the Fact that the SEC already referred to Soul as a security if you watched our Recent video about which crypto ETFs Will be next you'll also know that it Could take years for the spot salana ETFs to be approved regardless that's Because they first need to list on the CME history suggests that it will take a Couple of years before Futures ETFs come And then finally spot for the time being Then it's likely that BTC will continue To capture the Lion Share of ETF related Flows besides investors being cautious With crypto investing bitcoin's digital Gold narrative is just easier to digest And it's a narrative that an increasing Number of publicly traded companies are Eating up the latest company to take the Orange pill is Selma scientific which Announced that it would be making BTC Its primary Reserve asset starting with A $40 million investment not Surprisingly chairman Eric Selmer Explained that the company sees BTC as An inflation hedge and a safe haven Asset what is surprising though is that The announcement caused Selma scientific Stock to Jump by almost 30% this is Surprising because it suggests that Stock market investors are in a sense Rewarding the company's BTC decision by Buying its stock then again they could Just see it as a smaller cap proxy play

On BTC for those unfamiliar many Investors were treating micro strategy Stock as a proxy for investing in BTC C It was believed that this would stop After the spot Bitcoin ETFs were Approved but the strong correlation Between MST and BTC remains it seems That Selma scientific is falling into The same category the difference is that Micro strategy's market cap is 100x Larger than Selma's and it also holds Around 350X more BTC still the Significance of Selma's decision cannot Be understated according to bitcoint Treasuries Donnet it's the only publicly Traded company not related to crypto That currently holds BTC and not only That but the fact that its stock Responded so strongly after the company Bought BTC suggests that other companies Could follow suit even just because it Could give them a short-term boost this Would cause btc's price to rise which Would increase the valuation of the BTC The companies hold in turn this could Cause more people to buy the stocks of These companies giving them more Capital To buy BTC and so on some would say that This is almost exactly what micro Strategy has been doing and there's no Denying that it's been a very lucrative Method mstr is up 10x since 2020 this Begs the question of whether the Valuation of these companies is the

Reflection of a bubble or the reflection Of the fact that Fiat currencies have Lost anywhere between 20 and 40% of Their purchasing power in recent years As far as the Federal Reserve is Concerned this froth is evidence that Interest rates aren't restrictive enough When you combine this froth with the Sticky inflation we're seeing in the CPI And pce it increases the chances that The FED will keep interest rates higher For longer or possibly even raise them Again we're going to find out soon Because the fed's next meeting and rate Decision is only a week away make no Mistake the FED is very unlikely to Raise rates at its next meeting Investors are expecting no change in Rates and the FED doesn't want to Surprise the markets the thing is though That the next meeting will include the Fed's projections on where it sees Interest rates heading over the next Year or two this is where fed officials Could signal that they're in favor of Additional rate hikes if enough of them Note that they want to see more rate Hikes or even just keep rates higher for Longer this could be enough to Spook the Markets that's because they have been Waiting for rate cuts to come for months Now here's where things get truly Intriguing as a fun fact the FED has Adjusted interest rates during every

Election year except for one 2012 this Means that there's a good chance the FED Will adjust rates this year the Consensus view is that they'll cut but Depending on the upcoming data they Could hike but let's not get too ahead Of ourselves there are five more fed Meetings ahead of us before the end of The year six if you count the Jackson Hall Symposium in August as a de facto Fed meeting Anything could happen at These upcoming meetings because the Factors influencing inflation seem to be Beyond the fed and the treasury's Control you can learn more about that Using the link in the description by the Way and with all that said it's about Time we looked at last week's top Performing cryptos so welcome back Jessica and over to You than thank you guy well last week's Top performing cryptos were not coin Jasm coin Celestia the bitg token and Audi starting with not coin it's not Token appears to have pumped around the Continued hype around the ton coin game The token was recently released and it's Been up only like many new crypto Projects notot price action has Surprised to the upside surpassing the 1.5 Cent Target we pointed out last week Not is is currently hovering around 2 Cents and potentially breaking out of a Bull flag that could take it as high as

3 cents next up we have jasm coin whose Jasmi token presumably pumped due to the Crypto Project's upcoming appearance at An event in Vietnam what's odd is that The project hasn't posted on X until Over the weekend and prior to that it Hadn't posted since early May in any Case jasm appears to have finished Painting a bull flag with its recent Price action suggesting that a pullback Could be coming it is worth pointing out That jasmi's recent price action barely Registers on its long-term price chart As for Celestia it's Tia coin appears to Have pumped due to the upcoming airdrop Of a new data availability crypto Project to tier stakers Celestia's own Data availability solution also seems to Be gaining significant adoption Unfortunately TI's price action isn't Looking too promising it doesn't seem to Be painting a bullish pattern yet Suggesting the recent rally was people Buying tier in the hopes of being Eligible for upcoming airdrops tier May Soon continue the gradual decline it's Been in since mid-February when it comes To the bitg Token bgb likely pumped due To increased traded volume on the bitg Exchange as most of you will know Exchange tokens tend to have tokenomics Designed to make them go up and to the Right only which makes analyzing their Future price action pretty difficult for

What it's worth bgb appears to have hit A local top and could experience a Correction as it did the last two times It painted this pattern just note that It could also be painting a head and Shoulders on the long-term price chart Which could spell trouble if it plays Out finally we have Audi the bc20 token On the Bitcoin blockchain since Audi has No website or social it is hard to say Why it pumped our guess is that it has Something to do with the originals Protocol but it seems to have been that There are no major updates whatever the Case Audi is looking similar to Celestia In that the recent rally seems to be a Temporary phenomenon if it is then Audi Could continue drifting back down to the Support level of around $25 if it's the start of a more Sustained rally Audi could retest Resistance around $75 If you want to know which cryptos are Rally and also where you can trade them Be sure to check out the coin Bureau Insider telegram channel the link will Be down in the Description and that is all for today's Coin Bureau weekly crypto review if you Enjoyed it then you know what to do hit That like button subscribe button and Bell icon too don't forget to check out Our deals page where we have massive Trading fee discounts and sign up

Bonuses of up to $60,000 on some of the best exchanges Only for the viewers of this channel Also if you want to pick up some snazzy Crypto merch the coino merch store has It all you can find the link to that Resource and many others in the Description below thank you so much for Watching and we'll see you all in next Week's episode [Music]